Trading Unit and Quotation Price Unit
Trading Unit and Quotation Price Unit
Details Remarks
Trading quantity unit 20,000 liters per contract Based on the practice of the domestic distribution market for petroleum products that a 20,000 liter-oil tanker is mainly used for transportation..
Base unit Liter (ℓ) Based on the practice that most of the domestic petroleum product prices are tallied and publicly announced in the unit of liters..
Quotation unit 1tick = KRW 0.5 Decided by taking into account the detailed investment strategies, liquidity distribution and system load, etc.
Details of Quotation Input
Name of Issue
Input a unique No. For each issue which has been set according to the type of petroleum, trademark, region or destination
Quantity and Price
Input the trading quantity in the unit of 20,000 liters and the quotation price in multiples of KRW 0.5/liter (The quotation price unit can be submitted within ±5% of the base price.)
Sell or Buy
  • Sell or Buy can be input by general agencies and importers.
  • Refiners can input only “Sell”, whereas gas stations only “Buy”.
Input of Delivery Information (by Buyers)
  • After trading execution, a buyer inputs whether a seller handles the delivery (“on arrival”) or a buyer handles the delivery (“on shipping”).
  • The date and time of delivery as wished by a buyer. (Notified to sellers after trading execution)
Information on Trading Participants (Automatic input by System)
unique No. for each participant is automatically inputted according to the types1) and regions, etc.
Fn. 1)
Types: Classified into five types - refiners, importers/exporters, general agencies, gas stations and general vendors
Quotation Number (Automatic Input via System)
In the case of cancellation/correction of quotation, the category thereof and the original quotation numbers are automatically inputted.
Cancellation and Correction of Quotation
  • Among the quotations already submitted, the ones of which trading has not been executed are allowed for cancellation or correction.
Price Limit and Base Price
As the average daily fluctuation of petroleum product price is within 5-7%, the price limit is set at ±5% of the base price (closing price of the previous day